M-REITs’ 3Q results were mostly below expectations, with average core net profit decline -15% YoY, especially for those with high exposure to retail and hotel assets. However, earnings continue to be supported by the long term leases of office and industrial segments. We expect an earnings recovery in 4QCY21. We remain NEUTRAL on the sector. The sector offers FY21/22E average net DPU yields of 4.1%/5.3%. Our Top BUY pick is AXIS REIT; our other BUY is Sentral REIT.